Now that the EU has effectively taken over the running of Greece, it follows, logically, that it should also be held responsible for the outcome of its policies. So what happens if Greece goes further into even deeper recession, the debt becomes even more unsustainable, and the “reforms” do not bring about the turnaround in economic performances that neo-liberal economic “theory” says they will?
It’s those lazy Greeks of course! It’s the untrustworthy left wing Government that didn’t implement the reforms properly! And the slightest upward blip in performance will be treated as overwhelming proof that “the reforms are working” whilst the widespread evidence of poverty and decline will be ignored.
And what will the European “left” do then? The maiden speech by 20 year old Scottish MP, Mhairi Black, is instructive.
Parties which have lost touch with the growing under classes in our societies have no idea what is really going on. Perhaps a “study group” of high ranking politicians will visit Greece; stay in 5 star hotels, listen to a few think tank presentations, talk to a few waiters, and declare all is well.
After all the people living on the street don’t vote and don’t really count.
Meanwhile Schäuble is playing a clever game. By floating the negotiated Grexit option and declaring his lack of confidence in the “reform” programme, he is insulating himself and his government from criticisms that austerity doesn’t work when the economy shrinks further and the debt becomes even more unsustainable. “We told you so”, we offered you the Grexit option but you turned us down!
Apparently Schäuble has discovered that debt write-downs aren’t legal within the Eurozone. But what about the debt write-down in 2010? Can only banks write down debts? So why were banking debts transformed into sovereign debts then? To make a further write-down impossible? But it was the banks which Greece borrowed from. What the banks did later to lay off their responsibilities isn’t Greece’s problem.
Meanwhile Merkel is trying to play good cop to Schäuble’s bad cop. It’s not going well…
Podemos grew out of “Los Indignados,” the protest movement that rocked Spain in 2011, triggered by massive corruption scandals involving the nation’s leading political parties, largest banks and even the once-reputable Spanish royal family, as well as an economic crisis that saw unemployment skyrocket to nearly a quarter of the active population by 2013.
More recent developments have exacerbated the anger toward the political establishment and, by extension, enhanced Podemos’ appeal. The El Pais poll came out days after 51 top government officials, bureaucrats and business leaders, including six sitting mayors, were arrested on charges of bribery and embezzlement in an investigation into “a network of corruption” involving nearly $300 million in contracts.
○ Pablo Iglesias: Podemos Changing Spain’s Political Map
○ Opinion polling for the Spanish general election, 2015
Yr earlier diary – The EU Stupid Expands.
Thanks for posting this remarkable young lady’s moving determination and compassion. Too bad the troika (how I despise that fatuous term) has signposts only pointing towards themselves and their glittering friends.
One head of the three-headed monster torturing Greece has an equally powerful twin:
Twins
In 1944, in the tourist resort of Bretton Woods, it was confirmed that the twin brothers humanity needed were in gestation.
One was to be called International Monetary Fund and the other World Bank.
Like Romulus and Remus, the twins were nursed by a she-wolf until they took up residence in the city of Washington, cheek by jowl with the White House.
Ever since, these two have governed the governments of the world. In countries where no one elected them, the twins impose obeisance as if it were destiny,: they keep watch, the threaten, they punish, they quiz—‘Have you behaved yourself? Have you done your homework?’
Eduardo Galeano, Children of the Days, entry for 23 July
And of course in the meantime the vengeful family has spawned their more recent sibling: ECB, EZ, in short, the European financial elite.